Physical natural gas for Wednesday delivery continued to advance in trading Tuesday, gaining approximately 12 cents on average nationally, with New England points the biggest winners, posting gains upwards of a dollar on some lightly traded pipes.
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Surging Cash Quotes on Cold Can’t Get Futures Off Dead Center
Next-day overall physical gas prices on average jumped approximately 29 cents in Monday’s trading. Back out the multi-dollar gains seen at some New England points hit by forecasts of cold weather and surging power demand and the figure settles in at a 15 cent advance.
Weekend Deliveries Tumble, But Futures Make It Four in a Row Higher
Weekend and Monday deliveries of physical gas skidded 8 cents on average nationally in Friday trading with East and Northeast points the hardest hit and only a handful of points in positive territory.
Weekly Prices Peg Northeast As Lowest Cost Producer
It was a rough week for the bulls as NGI’s National Spot Gas Average fell a hefty 17 cents from the previous week to $3.45. All regions of the country were down by double digits and only a handful of individual points in the Northeast managed to make it to the positive side of the trading ledger.
Physical Gas Vaults Higher; Futures, Not So Much
Physical natural gas for delivery Friday bounded higher by an average of 11 cents in Thursday’s trading.
Broad Cash Gains Outpace Modest Futures Move
Physical gas for Thursday delivery jumped on average 8 cents nationally in Wednesday’s trading, with only a handful of individual points in the loss column surrounded by widespread gains. A large cold front was dropping temperatures well below normal as it moved out of the Plains and Midwest into the Great Lakes and into Texas.
Weak Northeast Drags Market Lower; Futures Recover Off Session Lows
Physical natural gas traded Tuesday for Wednesday delivery fell 4 cents on average as higher prices in the Midwest, Northern Plains and Rockies, along with steady California prices were unable to offset $1-plus declines along the Eastern Seaboard. Futures prices staged a modest rebound as noon weather updates called for a healthy dose of cold temperatures by mid-month. At the close December was higher by 2.1 cents to $3.466 and January had gained 2.7 cents to $3.551. December crude oil dropped $1.25 to $93.37/bbl.
East Coast, West Coast Strength Can’t Offset Overall Weakness; Futures Sacked For A Loss
The price being paid Monday for Tuesday physical natural gas delivery on average lost 2 cents as major hubs were mixed, but firm pricing on the West Coast and Eastern Seaboard was not able to offset weakness at Gulf and interior locations. At the close of futures trading, December had fallen 6.8 cents to $3.445 and January skidded 6.7 cents tp $3.524. December crude oil added a penny to $94.62/bbl.
Most Points See Sharp Declines; Futures Retreat
Physical gas for weekend and Monday delivery skidded a hefty 11 cents on average in Friday trading. Demand-driven gains at New England points and firm eastern quotes were unable to counter pervasive selling, which saw many locations endure double-digit losses. At the close of futures trading December had retreated 6.8 cents to $3.513 and January was down 7.2 cents to $3.591. December crude oil tumbled $1.77 to $94.61/bbl.
November Bidweek Gains Mask Major Regional Shifts
“The times they are a changin’.” NGI’s National Spot Gas Average for November Bidweek prices showed a tempered gain of 9 cents to $3.53, but regional changes were moving around with the randomness of bumper cars at an amusement park.